TheStreet

Market is Buying Weather Blame for Weak Housing Data

The existing home sales report on Friday fell to an 18-month low, but that didn't put a chill on the stock market. Investors continue to push stocks higher unconcerned about the week's negative housing data. Peter Cardillo, Chief Market Economist at Rockwell Global, thinks it's a temporary problem and housing will rebound in the second quarter. Cardillo cautioned the rebound will be muted as we return to a normalized housing market post the financial crisis.